Investorsâ social-media site sues for breach of contract NEW YORK, May 19 (Reuters) â The creators of Chartly, a website that allows stock market followers to share market information on social media sites, are suing StockTwits, a social media platform for investors, for not properly compensating them. Pallian Creative Inc. and BullShip Press â the latter now known as Millionaire Media â are accusing StockTwits of merging the Chartly technology into their website and refusing to honor the contract they agreed upon in 2009, according to the lawsuit filed in New York Supreme Court Wednesday. Instead of paying them 50 percent of the revenue earned from the use of the website, StockTwits paid them $845 each, the lawsuit said. The plaintiffs contend that Chartly has been âthe most highly-trafficked tool in the StockTwits network,â accounting for nearly one-fifth of all StockTwits traffic. StockTwits, according to the complaint, was recently valued at approximately $22 million. In a statement, StockTwits said it âhas complied with the terms of our contractâ and believes the complaint is baseless. The suit contends that Chartlyâs founders âinvested significant time and effortâ developing the idea for the service in 2009, and soon thereafter approached Howard Lindzon, the co-founder and CEO of StockTwits. Lindzon allegedly told them that âStockTwits could and would market the website and its related functionality, there would be an ongoing business relationship between the parties, and StockTwits would compensate them for their efforts and for its use of the technology,â the lawsuit said. In May 2009, Pallian and StockTwits entered into a development-services agreement. Lindzon confirmed StockTwitsâ breach of the agreement when he claimed that the plaintiffs had been paid their 50-percent share of gross revenue received by the company from advertising, according to the complaint. The plaintiffs added that Lindzon explained his decision by writing to them that âwe have rewritten the codeâ to Chartly. The lawsuit accuses StockTwits of breaching the agreement and the implied covenant of good faith and dealing, as well as unjust enrichment. The case is Pallian Creative Inc. et al v. StockTwits, New York Supreme Court No. 651341-2011. For Pallian et al: Michael Rowe of Blank Rome.